Property: Market could get post-Brexit boost

Property: Market could get post-Brexit boost

WHILE Brexit may have subdued the UK housing market, it could have also created pent-up demand which is set to boost activity next year, it is suggested.

Any degree of political or economic uncertainty means that buyers tend to sit on their hands, according to the latest report from land agents Aston Mead.

There may be real opportunities for would-be buyers who are willing to play the waiting game.

“People with important and costly decisions to make tend to pause and reflect, waiting for a time when the outcome is more predictable,” said the firm’s land and planning director Richard Watkins.

“The ongoing machinations of the Brexit process for the last two years are no exception, so it is little wonder that the property market has become increasingly subdued as time has gone on.”

“But it’s also true to say that this situation has led to an undeniable pent-up demand, especially in London and the South East, which is likely to make itself evident once Britain leaves the European Union on the March 29 next year,” he said.

The report points out that asking prices of new stock entering the market rose by just one per cent last month, the lowest rate of asking price growth for October recorded by Rightmove since 2010.

In addition, Nationwide has reported that monthly sale prices remained at a standstill, and the annual rate of house price growth of 1.6 per cent is the lowest rate seen for over five years.

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